The accused in Singapore's $3 billion money laundering case who faced the most number of charges has also forfeited the most amount of assets seized to the state.
Vang Shuiming, 43, was sentenced to 13 months and six weeks' jail after pleading guilty on May 14 to two counts of money laundering and one count of submitting a forged document to a bank.
Nineteen other charges were taken into consideration during sentencing.
Vang agreed to forfeit about $180 million of the more than $199 million worth of assets, cash, vehicles, properties and luxury items belonging to him and his wife which were seized by the police.
This is the highest amount forfeited by an accused person in this case, so far.
Five others convicted had forfeited between $5.9 million and $165 million in assets.
Vang forfeited about $122 million in bank, portfolio and wealth accounts, 15 properties worth $29.6 million in total, and three luxury cars a Rolls-Royce Phantom, a Toyota Alphard and a Bentley Flying Spur worth $3.38 million in all.
Other items include eight watches worth $17.4 million in total, from brands such as Patek Philippe, Richard Mille, Franck Muller and Chopard, and a Kawai crystal grand piano worth $240,000.
Also known as Wang Shuiming, the Turkish national who is originally from China is one of 10 foreigners arrested in a money laundering probe in August 2023 that saw more than $3 billion in cash and assets seized.
Vang faced 22 charges in total four counts of money laundering and 18 counts of submitting forged financial documents to banks.
Deputy Public Prosecutor David Koh told the court that in 2021, Vang arranged for HK$229 million (S$39.6 million) to be remitted from Indonesia to his Citibank Singapore account.
Bu hikaye The Straits Times dergisinin May 15, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber ? Giriş Yap
Bu hikaye The Straits Times dergisinin May 15, 2024 sayısından alınmıştır.
Start your 7-day Magzter GOLD free trial to access thousands of curated premium stories, and 8,500+ magazines and newspapers.
Already a subscriber? Giriş Yap
Part memoir, part research on how to raise boys today
When Ruth Whippman decided to thaw one final embryo, she was 42 years old. She and her husband had two sons - Solly, then six, and Zephy, three. Their remaining embryos all had XY chromosomes too.
Southgate hopes Iceland loss banishes complacency’
Gareth Southgate insisted that England's embarrassing 1-0 defeat by Iceland in their final warmup game on June 7 ahead of Euro 2024 will serve as a reality check for his title contenders.
LIU DEFIES DOCS AND ODDS FOR COMEBACK
Told she could never run again after cervical prolapse, she will play at Touch World Cup
QUEEN OF CLAY SLAYS PAOLINI
Swiatek wins her fourth Roland Garros crown, taking her event record to 35-2
‘Secretly confident’ Ireland win historic relay gold
ROME An inspired Irish quartet led by Rhasidat Adeleke outstripped Femke Bol's favoured Dutch team to snatch gold in a thrilling 4x400m mixed relay at the European championships on June 7.
IRVING'S FOCUSON GAME, NOT FANS
Dallas star, jeered in Game I, wants to halt poor O-Il run against former team Boston
Expensive mortgages dashing American Dream of owning homes
A renter who hoped to buy a home has resigned himself to rent forever. A first-time buyer who had hoped to refinance a 7 per cent mortgage is pulling back spending everywhere else to keep up. And a young couple are making a painful trade-off for their family.
Revenge travel is losing its appeal
After three years of rushing to book trips in the wake of pandemic-era restrictions, sharply higher fares, protests against tourism, fatigue from endless hours spent in airports and incomes squeezed by inflation are all taking their toll.
Bridging the gap in sustainable finance
Asset manager Amundi guides investors to capture energy transition opportunities
Three keys to unlocking climate finance
OCBC sees proper risk allocation and regulatory actions as levers in successful climate financing